Group 1 - The National Development and Reform Commission plans to implement measures to stabilize employment and promote high-quality economic development, including targeted issuance of car purchase quotas for key groups and the establishment of a childcare subsidy system [1] - The People's Bank of China will consider timely reductions in reserve requirements and interest rates, and create new structural monetary policy tools, while maintaining that single market fluctuations have a limited impact on foreign exchange reserves [1] - The Ministry of Commerce reports that the implementation of the old-for-new consumption policy has stimulated consumption by over 720 billion yuan [1] - The Ministry of Human Resources and Social Security indicates that 3.08 million new urban jobs were created in the first quarter, with plans to accelerate policies supporting job expansion for enterprises [1]

4 月 27 日，记者从江苏省商务厅获悉，商务部于4月25日举行专题新闻发布会，江苏省商务厅副厅长吴 海云出席发布会，介绍江苏消费品以旧换新工作相关情况。今年以来，商务部会同相关部门和地方全力 推进消费品以旧换新，取得了显著成效。商务部邀请辽宁省商务厅副厅长郭斌、江苏省商务厅副厅长吴 海云、贵州省商务厅副厅长令狐绍辉、河北省商务厅二级巡视员杨志兵等，为大家介绍相关的情况，并 回答记者的提问。 江苏发放家电以旧换新补贴33.9亿元 吴海云介绍，今年以来，江苏省突出惠企利民和加力扩围的政策导向，推进"江苏消费品以旧换新平 台"功能迭代升级，有效促进家电消费提质扩容。截至目前，江苏省家电累计销售767.4万件，实现销售 额182.9亿元，累计使用补贴资金33.9亿元。县域门店销售额达45.1亿元，累计使用补贴资金7.4亿元，下 沉市场消费潜力持续释放。 截至目前，江苏省参与家电以旧换新的销售企业10015家、门店34120个、电商平台21家，企业参与量较 去年增长217.5%，门店参与量较去年增长396.5%，基本覆盖了江苏省线上下绝大部分家电经营主体。 结合江苏省居民消费习惯，扩围参与活动品类，新增14类有产业优 ...

近日，2025年超长期特别国债发行"开闸"，两期共计1210亿元债券顺利发行。与此同时，中央金融 机构注资特别国债也启动发行。中央政治局会议强调，"要加紧实施更加积极有为的宏观政策，用好用 足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期特别国债等发行使 用"。宏观政策加速落地显效，推动我国经济稳中有进、持续向好，更有效应对外部变化的不确定性。 从2024年起连续几年发行超长期特别国债，是党中央作出的一项重大决策部署。2024年我国发行1 万亿元超长期特别国债，其中，7000亿元用于支持国家重大战略和重点领域安全能力建设；3000亿元用 于支持大规模设备更新和消费品以旧换新，特别是加大汽车报废更新、家电产品以旧换新补贴力度，拉 动消费效应明显。1万亿元超长期特别国债的发行使用，有力支持了"两重"建设、"两新"工作。 今年我国财政政策进一步加力，明确要"更加积极"，超长期特别国债也更加给力。一方面，资金规 模更大。按照预算安排，今年我国拟发行超长期特别国债1.3万亿元，比上年增加3000亿元，其中， 8000亿元用于更大力度支持"两重"项目，5000亿元用于加力扩围实施"两新"政策。另一方 ...

Group 1 - The Dongying Municipal Bureau of Commerce has introduced a detailed plan for the "old-for-new" consumption policy, leading the province in this initiative to stimulate consumer spending [1][2] - The plan includes subsidies for consumers who scrap eligible old vehicles and purchase new energy vehicles, with a subsidy of 20,000 yuan for qualifying electric cars and 15,000 yuan for certain fuel vehicles [1] - In the home appliance and 3C digital sectors, consumers can receive a subsidy of 15%-20% of the final sales price for energy-efficient products, with a maximum subsidy of 2,000 yuan per item [1][2] Group 2 - For electric bicycles, consumers can receive a 500 yuan subsidy for scrapping old electric bikes and purchasing new ones, and a 600 yuan subsidy for exchanging old lithium-ion battery bikes for lead-acid battery bikes [2] - In home renovation, consumers can receive a 15% subsidy on the final sales price for energy-saving materials, with some categories offering a maximum subsidy of 3,000 yuan [2] - The Dongying Municipal Bureau of Commerce provides detailed information on subsidy implementation and application methods through its website and WeChat account [2]

新闻发布会现场。 4月25日，记者从内蒙古自治区人民政府新闻办召开的"内蒙古自治区优化调整消费品'以旧换新'政策解 读"新闻发布会获悉，今年国家进一步加大消费品"以旧换新"资金支持力度，扩大了补贴支持范围，内 蒙古高度重视，积极推动政策落实，不断取得新进展新成效。一季度，内蒙古社会消费品零售总额同比 增长6.7%。 今年内蒙古发展改革委从三个维度发力，全力推进消费品"以旧换新"工作，确保老百姓享受到"真金白 银"的优惠政策。 完善政策体系。国家今年出台加力扩围实施"两新"通知后，内蒙古发展改革委会同财政厅第一时间印发 内蒙古落实政策、分配下达盟市补贴资金，各有关行业主管部门也陆续印发了分领域补贴细则。近期， 内蒙古发展改革委还会同相关部门联合印发了《内蒙古自治区消费品以旧换新补贴资金全流程管理工作 方案》，进一步明确资金分配、下达、审核、拨付、清算全流程各环节工作要求和时限要求，保障企业 和消费者尽快拿到补贴资金，充分享受到"真金白银"的优惠政策。 加强调研督促。内蒙古发展改革委强化进度管理，按周调度汇总各领域、各盟市补贴资金使用情况，从 不同维度全面细致掌握内蒙古消费品以旧换新工作进展，会同财政厅、商务厅、 ...

记者从州商务局获悉，截至4月15日，西双版纳州消费品"以旧换新"参与人数达10万余人次，拉动消费近2.5亿元，全州消费品"以旧换新"成效明显。 今年以来，西双版纳州采取有力措施，继续做好消费品以旧换新工作。不断优化组织机构，加强资金监管。延续消费品以旧换新工作专班并完善工作机 制，下设10个工作组，明确工作职责。建立"一周一统计，一月一调度，一季度一督导"工作机制，全力推进消费品以旧换新工作，争取更多上级补贴资 金，并加强资金安全风险防范。采取商家自查、银联复查，县市商务局随机入户走访、电话访谈消费者等方式，认真核实商户数据、交易行为。截至目 前，已完成两批补贴资金核查，累计涉及商家158户次，拨付金额618.06万元。 强化服务引导，畅通换新环节。逐步引导参加过或新参加的企业积极参加2025年度家电家装、手机数码产品、电动自行车"以旧换新"活动。县市商务局及 时接收企业报名相关材料、新增或修改商品名录，不断提高服务企业质量。开展政策解读、换购方式、废旧回收、资金兑补等堵点排查调研，畅通"以旧 换新"全链条。目前，手机数码已开通企业线上报名方式，正逐步优化程序步骤，努力实现"一网通办"，让企业少跑腿。截至目前 ...

值得注意的是，前期，中央财政预拨消费品以旧换新资金810亿元，带动以旧换新开局良好。国家统计 局数据显示，一季度，限额以上单位通讯器材类、家用电器和音像器材类、家具类商品零售额同比分别 增长26.9%、19.3%和18.1%，增速分别比1—2月份加快0.7个、8.4个和6.4个百分点；文化办公用品类零 售额增长21.7%，持续保持快速增长。 此外， 4月24日还将发行首期2025年中央金融机构注资特别国债 。根据前期公布的发行安排，2025年中 央金融机构注资特别国债共4只，其中2只为5年期、2只为7年期。 据介绍，2025年财政部将发行首批中央金融机构注资特别国债5000亿元，积极支持中国银行、中国建设 银行、交通银行、中国邮政储蓄银行补充核心一级资本。此次资本补充工作将按照市场化、法治化原则 稳妥推进。 按照财政部有关安排， 2025年超长期特别国债、中央金融机构注资特别国债将于4月24日启动发行 。 按照2025年超长期特别国债发行安排，4月24日将首发20年期和30年期超长期特别国债，付息方式均为 按半年付息。 记者注意到，今年超长期特别国债集中在4月至10月发行，较去年集中在5月至11月发 行，整体 ...

Core Viewpoint - Shaanxi Province is implementing a series of measures to stimulate domestic demand and economic growth, focusing on consumption policies and project investments [1] Group 1: Economic Measures - The provincial government emphasizes the importance of agricultural production and aims to stabilize energy industries while expanding electricity exports [1] - There is a commitment to enhance the quality and capacity of the service industry, particularly through tourism and entertainment sectors [1] - The government plans to deepen the integration of technological and industrial innovation, alongside reforms in key areas [1] Group 2: Investment and Consumption Policies - The government is accelerating the construction of key projects and expanding effective investments [1] - A focus on promoting consumption through the "trade-in" policy for consumer goods is highlighted as a strategy to unleash domestic demand potential [1] - Various consumer promotion activities will be organized to further stimulate spending [1] Group 3: Trade and Foreign Investment - Efforts will be made to enhance the capabilities of the Xi'an international freight hub and stabilize foreign investment and trade [1] - The government aims to continuously activate economic development vitality through these initiatives [1]

Core Viewpoint - Jiangsu province has initiated a consumer goods trade-in program starting in 2024, allowing residents from Hong Kong, Macau, Taiwan, and foreign nationals to benefit from various advantages of this program [1] Group 1: Automotive Sector - The "Jiangsu Province Automobile Replacement Subsidy Application Operation Guide" was released in September 2024, ensuring that residents from Hong Kong, Macau, Taiwan, and foreign nationals can apply for automobile replacement subsidies [1] - As of now, there have been 105 applications from Hong Kong, Macau, and foreign nationals for automobile trade-in subsidies, amounting to 1.442 million yuan, with 84% of applicants being Taiwanese [2] - The application volume for the national scrapping and updating subsidy among these groups is 13, totaling 225,000 yuan, with 11 Taiwanese applicants [2] Group 2: Home Appliances and 3C Digital Products - Jiangsu has effectively implemented the home appliances and 3C digital products trade-in program, ensuring a seamless connection with national policies and achieving zero time lag in policy execution [2] - There have been 1,036 applications from Hong Kong, Macau, and foreign nationals in the home appliances and 3C digital products trade-in program, generating sales of 5.9472 million yuan and subsidies amounting to 1.084 million yuan [3] Group 3: Home Decoration and Furnishing - The home decoration and furnishing trade-in program was officially launched on October 25, 2024, significantly boosting consumer enthusiasm and market vitality [3] - Currently, there are 10 applications from Hong Kong, Macau, and foreign nationals for home decoration and furnishing subsidies, with a total subsidy amount of 34,000 yuan, of which 90% are from Taiwanese applicants [3]

Investment Rating - The report maintains an investment rating of "In Line with the Market" for the light industry manufacturing sector [6]. Core Insights - The light industry manufacturing sector experienced a decline of 1.34% in March 2025, underperforming the CSI 300 index by 1.27 percentage points, ranking 21st among 30 sectors [12][14]. - The sector's price-to-earnings (PE) ratio as of March 31, 2025, is 30.70, which is at the 40th percentile historically, indicating a relatively low valuation compared to the past decade [20][21]. - The report highlights the impact of various factors on the paper and home furnishing segments, including fluctuating raw material prices and the influence of government policies on market demand [6][68]. Summary by Sections 1. Industry Performance Review - The light industry manufacturing index underperformed the broader market in March 2025, with a trading volume of 366.8 billion yuan, reflecting a 7.63% decrease month-on-month [12][13]. - Sub-sectors showed mixed performance, with "Other Home Furnishings" and "Metal Packaging" gaining 2.39% and 1.79% respectively, while "Furniture" and "Other Light Industry" fell by 4.25% and 7.46% respectively [14][17]. - Nearly half of the stocks in the sector saw gains, with 70 out of 171 stocks rising, while the median decline was -1.74% [17][18]. 2. Key Industry Data Tracking 2.1. Paper Industry - The paper and paper products industry reported a cumulative revenue of 209.05 billion yuan in January-February 2025, down 1.9% year-on-year, with total profits declining by 17.7% [24]. - The average price of waste yellow board paper was 1,415 yuan/ton as of March 31, 2025, reflecting a 0.86% increase from the previous month [29]. - The production of corrugated paper and boxboard continued to face downward price pressure, with average prices dropping by 3.51% and 6.54% respectively [35][36]. 2.2. Home Furnishing - The real estate market showed signs of stabilization, with cumulative sales area for new residential buildings declining by only 3.4% year-on-year in January-February 2025, a significant improvement from previous months [74]. - The furniture manufacturing sector faced challenges, with cumulative revenue of 91.22 billion yuan in January-February 2025, down 2.7% year-on-year, and profits down by 29.7% [83]. - The furniture retail sector saw a growth in sales, with a 15.63% increase in sales for building materials and home furnishings in February 2025 [88][89].